Greece’s George Papandreou stepping down

Greek Prime Minister George Papandreou will hand in his resignation Wednesday to President Karolos Papoulias, Papandreou’s office confirms. He will give a televised address to the nation, speaking about what he has achieved and what will come next for Greece, before he tenders his resignation. The announcement comes after a day of talks on forming a new government.

Papandreou updated French President Nicolas Sarkozy on the “imminent” formation of a temporary government, saying it will have the support from the majority and the opposition. The formation of a new government helps settle fears that Greece might reject the new bailout deal negotiated by European leaders.